I have heard many times from students, friends and relatives alike, “are you nuts, nobody would pay you to take a house off their hands.” Wanna’ bet??” There have been many instances where a seller needed to get rid of a piece of property quickly and they needed our assistance to help them make their problem go away. They were more than willing to pay us to make that happen.
Now, you will never get paid to take a house off someone’s hands unless you ask. You never know what a seller will agree to unless you ask them. The worst they can do is to simply say “no”. You just have to explain to them why they should pay you to take their problem out of their hands.
The way this scenario happens is this. The type of deal where this situation will occur is a situation where a seller simply deeds you their property. What this means is that the seller will deed you the property, but the underlying mortgage remains in the sellers’ name until such time as you sell the home and pay it off. You then take over the monthly mortgage payments and the seller walks away.
There are many reasons a seller will agree to do this. For example, I personally have purchased many properties where the seller had to move before their home was sold and they ended up having to pay two mortgage payments. Most times, they are simply unable to continue to make two payments, so they only have two choices. One is to stop making the payments and let the home be foreclosed on, or they can deed the home to you and let you continue to make the payments for them. When their credit is at stake, the second option becomes much more desirable. But why would they pay you to make their problem go away?
Now, think about it. If the seller had listed their home with a realtor they would have to pay realtor fees and mortgage payments until the house sells. So they may have to right a big check. If they choose to sell it on their own, they would still have carrying costs from month to month plus closing costs. We also don’t know how long it would be before they could sell it. So now they end up making six months or more of payments plus the closing costs involved. This can add up to a lot of money very quickly. These are all good reasons for the seller to simply pay you to take the problem off their hands right now.
So we build our logical case to the seller as to why they should pay us to take the problem off their hands. After all, won’t we have carrying costs until we either sell the home or find the right tenant/buyer for the property? Plus won’t we have to run ads and put out signs to advertise the property? These are called marketing costs and carrying costs, and if you present these costs and savings to the seller in the right way, you can easily get the seller to pay you whatever amount of money you agree to, take the house off their hands, solve their problem for them, and save their credit.
For more information about Kathy Kennebrook’s real estate products go to marketingmagiclady.com